Escrow & Title
What is an 'ALTA Owner's Policy' versus an 'ALTA Loan Policy' in Delaware?
AThe owner's policy is for the lender; the loan policy is for the buyer
BThe ALTA Owner's Policy protects the buyer; the ALTA Loan Policy protects the lender's interest in the property✓ Correct
CBoth provide identical coverage; the names reflect who pays the premium
DThe owner's policy is required; the loan policy is optional
Explanation
The ALTA Owner's Policy covers the buyer's equity interest in the property. The ALTA Loan Policy (Mortgagee's Policy) covers the lender's interest (up to the loan amount). Both are commonly issued at closing in Delaware transactions.
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